Question

Under Clause 4 of the Banking Ombudsman Scheme, 2006, who appoints the Banking Ombudsman, and what is the maximum tenure for a single appointment?

Q: Answer-Under Clause 4 of the Banking Ombudsman Scheme, 2006, who appoints the Banking Ombudsman, and what i...

Explanation Clause 4 of the Banking Ombudsman Scheme, 2006 issued under Section 35A of the Banking Regulation Act, 1949 explicitly states Appointing authority The Reserve Bank of India not the Central Government a very common confusion in exams Eligibility The appointee must be one of the RBIs own officers in the rank of Chief General Manager or General Manager Tenure The appointment shall be made for a period not exceeding three years at a time

A Central Government appoints; tenure not exceeding 5 years

B Reserve Bank of India appoints one of its officers of the rank of Chief General Manager or General Manager; tenure not exceeding 3 years

C Reserve Bank of India appoints any retired High Court Judge; tenure not exceeding 3 years

D Central Government appoints a retired District Judge; tenure not exceeding 5 years

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Under Clause 4 of the Banking Ombudsman Scheme, 2006, who appoints the Banking Ombudsman, and what is the maximum tenure for a single appointment?

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